India's manufacturing Purchasing Managers' Index for the month of July stood at 46, as compared to 47.2 in the month of June, according to IHS Markit.

The figure during the same period in 2019 stood at 52.5. This was the fourth straight month of contraction for the Indian economy after it went into one of the strictest lockdowns to combat the Covid-19 pandemic.

Output too has seen a contraction for the fourth straight month, falling to 44 from 46.7 in June.

New orders too have fallen as compared to the previous month.

• Top performing stock on the Nifty Midcap Index
• Gains as much as 9% to Rs 867
• Biggest single-day gain in nearly two months
• Trading at the highest level since March 2019
• Up for the fourth straight day
• Has gained in eight out of the last 11 trading sessions
• Up 15.6% over the last four trading sessions
• Today's volumes are more than quadruple its 20-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 84
• The stock has more than tripled from its 52-week low of Rs 230 on March 25, 2020
• 11 out of the 13 analysts tracking the stock have a buy recommendation; 2 sell calls
• The stock trades 19.9% higher than its 12-month price target of Rs 686.7, implying a negative return potential

• Net profit up 93% to Rs 551 crore
• Ebitda up 29% to Rs 1,704 crore
• Ebitda margin at 21.8% from 16.7%
• Net debt maintained at Rs 22,000 crore
• Latin America revenue down 16% to Rs 2,015 crore
• North America revenue down 14% to Rs 1,027 crore
• North America revenue impacted by Covid-19 related Pre-buying in Q4FY20
• Europe revenue up 1% to Rs 1,703 crore
• India revenue up 27% to Rs 1,511 crore
• Rest of the World revenue up 10% to Rs 1,578 crore
• Remain well positioned to deliver revenue and Ebitda growth for the full year

Brokerages like CLSA, Investec and Emkay have raised their respective price targets on the stock, after reiterating their bullish stance on the company's prospects going ahead.

Shares fell as much as 6.9% to Rs 445.2. This was the biggest single-day decline for the stock in nearly three months. It is also the worst performing stock on the Nifty 50 index.

• Benchmark indices extend losses
• Nifty down 0.9% at 10,978
• Sensex down 1% at 37,249
• Nifty Bank down 1.5% at 21,313
• Nifty Midcap Index up 0.6%
• Nifty Smallcap Index up 0.9%
• India Volatility Index up 4.3% to 25.2
• Nifty Realty is the other major sectoral laggard; down 1%
• Nifty Auto is the top sectoral gainer; up 1%
• Nifty Metal is the other sectoral gainer; up 0.9%
• Tata Motors is the top Nifty gainer; up 5.5%
• UPL is the top Nifty laggard; down 5.2%
• 869 stocks on the NSE trade with gains while 771 decline

The currency opened weak in today's session after capping off a rangebound week on Friday.

The rupee opened at 74.88 against the U.S. Dollar as compared to Friday's close of 74.81.

The currency was the worst performing in Asia last week, despite ending little changed for the week.